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Rapid Debt Reduction Calculator Using Amazing Rollover Method

Calculator Preferences
Rapid Debt Reduction Calculator

This debt calculator will create a printable rapid debt reduction plan using the "rollover" method. Plus, the calculator will also calculate how much time and interest you will save if you follow the plan until you are debt-free. The Alert tab includes:

  • The biggest reason most rollover repayment plans fail.
  • The fastest way to get out of debt.
  • Why you should consider paying off lowest balances first.
Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Enter Debts

Enter Debts:

Note that depending on the width of the calculator, you will see either a vertical entry form optimized for mobile devices (narrow widths) or a horizontal entry form optimized for desktop devices (widths wide enough to accommodate rows and columns of entry fields).

To add a debt, enter the name, balance, interest rate, and payment amount. When you're satisfied with the entries, tap the + button (may also appear as "Add" or "Add Debt" depending on the width of your device).

To edit a debt in the list, tap the radio button in the Edit column. This will load the debt into the form for editing. When you're satisfied with the changes you've made, tap the S button (may also appear as "Save" or "Save Changes" depending on the width of your device).

To delete a debt from the list, tap the radio button in the Edit column. This will load the debt into the form for deleting. Tap the button (may also appear as "Delete" depending on the width of your device).

To clear the form to create a new debt entry, tap the C button (may also appear as "Clr" or "Clear" depending on the width of your device).

To add a debt to your rapid debt reduction plan, click the Add Debt Row button. Then complete the row of entries for the debt you are adding.

To remove a debt from your rapid debt reduction plan, click the X button in the left-hand column of the row you wish to remove.

Important! The entered debts are saved in your device's random memory (temporary storage), which means that if you surf to another calculator or close this browser window you will need to re-enter your debts.

X
Creditor
Name

Creditor Name:

Enter the name of the creditor as you want it to appear on the printed reports.


Principal
Balance ($)

Principal balance:

Enter the principal balance of the debt, without any dollar sign or commas. Note that this is not equal to the number of payments left times the payment amount -- because that would include interest charges you don't yet owe. What you want to enter here is how much cash it would take to pay off the debt today (call your creditor if you're not sure).


Interest
Rate (%)

Annual interest rate:

Enter the annual interest rate of the debt. Enter as a percentage without the percent sign (for .06 or 6%, enter 6). If this debt has more than one interest rate (1 for purchases and 1 for cash advances), enter the higher of the two. It's always best to use worse-case scenarios.


Payment
Amt ($)

Monthly principal and interest payment:

Enter the monthly payment for the debt, without the dollar sign or commas. If you are including your mortgage in the rapid debt reduction plan, be sure to only enter the principal and interest portion of your mortgage payment (leave out the portion for taxes and insurance).


Interest
Cost

Interest cost:

Based on your principal, interest rate and payment amount entries, this is how much interest you will pay on this debt between now and when you make the final payment. If the field displays an ERROR, it means that at the terms you entered the debt will never be paid off. Therefore, in order to enter the debt you will need to increase the payment amount until the error goes away.


# Pmts
Left

Number of payments remaining:

Based on your principal, interest rate and payment amount entries, this column calculates the number of monthly payments remaining on the debt. If the field displays an ERROR, it means that at the terms you entered the debt will never be paid off. Therefore, in order to enter the debt you will need to increase the payment amount until the error goes away.

Totals: 
Creditor:Creditor name:Creditor name:Creditor name:

Creditor name:

Enter the name of the creditor as you want it to appear on the printed reports.

Payoff amt:Payoff amount:Principal balance:Principal balance (payoff amount):

Principal balance:

Enter the principal balance of the debt, without any dollar sign or commas. Note that this is not equal to the number of payments left times the payment amount -- because that would include interest charges you don't yet owe. What you want to enter here is how much cash it would take to pay off the debt today (call your creditor if you're not sure).

Rate:Interest rate:Annual interest rate:Annual interest rate:

Annual interest rate:

Enter the annual interest rate of the debt. Enter as a percentage without the percent sign (for .06 or 6%, enter 6). If this debt has more than one interest rate (1 for purchases and 1 for cash advances), enter the higher of the two. It's always best to use worse-case scenarios.

Pmt/month:Monthly pmt:Monthly P&I payment:Monthly principal and interest payment:

Monthly principal and interest payment:

Enter the monthly payment for the debt, without the dollar sign or commas. If you are including your mortgage in the rapid debt reduction plan, be sure to only enter the principal and interest portion of your mortgage payment (leave out the portion for taxes and insurance).

Interest:Interest cost:Interest cost:Interest cost:

Interest cost:

Based on your principal, interest rate and payment amount entries, this is how much interest you will pay on this debt between now and when you make the final payment. If the field displays an ERROR, it means that at the terms you entered the debt will never be paid off. Therefore, in order to enter the debt you will need to increase the payment amount until the error goes away.

Pmts left:Payments left:Number of payments left:Number of payments remaining:

Number of payments remaining:

Based on your principal, interest rate and payment amount entries, this column calculates the number of monthly payments remaining on the debt. If the field displays an ERROR, it means that at the terms you entered the debt will never be paid off. Therefore, in order to enter the debt you will need to increase the payment amount until the error goes away.

Extra amt:Extra amount:Monthly accelerator amount:Additional monthly accelerator amount:

Additional monthly accelerator amount:

Optional: Enter an amount you feel you could add to your rapid debt reduction plan on a monthly basis.

Results

Extra amount:

This column simply displays the extra amount you entered in the upper portion of the calculator. This extra amount will only appear in the RDR (Rapid Debt Reduction) row.


Extra
Amt
Extra
Amt
Extra
Amount
Extra
Amount

Total of all monthly payments:

This column displays the total of all of your current monthly debt payments as well as the total RDR monthly debt payments -- with the latter including the extra amount you will be adding each month.


Tot
Pmts
Tot
Pmts
Total
Payments
Total
Payments

Interest cost:

This column displays the total interest cost between now and when your final debt is paid off, for both your current payment plan and your new Rapid Debt Reduction Plan. The last row in the column lists the interest charges you will save if you switch to the RDR plan.


Int
Cost
Int
Cost
Interest
Cost
Interest
Cost

Number of payments left:

This column displays the number of payment remaining until your debts are paid off, for both the current payment plan and your new RDR plan. The last row in the column lists the number of months sooner you will be debt-free if you switch to the RDR plan.


Pmts
Left
Pmts
Left
Payments
Left
Payments
Left
CrntCrntCurrentCurrent totals:
RDRRDRRDRRDR totals:
Time and interest savings:

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Feedback AppreciatedFeedback Greatly AppreciatedYour Feedback Would Be Greatly AppreciatedYour Feedback Is Greatly Appreciated
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Tip

About

About the Rapid Debt Reduction Calculator

This online, free Rapid Debt Reduction Calculator will calculate how much time and money you could save by paying off your debts using the "rollover" method.

What is the rollover method? As each smaller debt is paid off, the freed-up payment amount is then applied to (rolled onto) the next larger debt, and so on until all debts are paid off.

As you will see once you've used the calculator, the rollover method can save you a ton of money in interest charges, and allow you to get out of debt sooner than you ever thought possible.

But before you use the rapid debt reduction calculator, please check out the Alert tab to make sure you are fully aware of the biggest reason most people fail to successfully execute their rollover payoff plans.

Note that if you prefer a more comprehensive rollover calculator, check out the Get Out of Debt Calculator instead.

Finally, once you finish using the rapid debt reduction calculator, be sure to jot down your freedom date and the total amount you will be applying to your debts. Then, visit the Debt to Financial Freedom Calculator to see how long it will take to become financially free using your freed-up payments.

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Instructions

How to use the Rapid Debt Reduction Calculator

Step #1:

For each debt you would like included in your rapid debt reduction (RDR) plan, ordered from lowest balance debt to highest balance, enter the name, current balance, interest rate, and monthly payment, and then click the "+" button (may appear as "Add" or "Add Debt", depending on the width of your device).

For each debt you would like included in your rapid debt reduction (RDR) plan, ordered from lowest balance debt to highest balance, click the "Add Debt Row" button and enter the name, current balance, interest rate, and monthly payment amount.

Step #2:

Once you have all of your debts entered, enter an optional accelerator amount to your RDR plan.

Step #3:

Click the "Calculate Plan and Savings" button. This will populate the "Results" chart, generate buttons for creating printer friendly reports, and display a bar graph comparing your current repayment plan with your new rapid debt reduction plan.

Saving Entries:

If your web browser supports Local Storage, you can save your entries to your web browser so won't have to start over on your next visit. Please note that your saved entries can only be retrieved from the same device and web browser you were using when you stored them. If you would like to access your saved entries from any device I invite you to subscribe to the Ad-Free Member Version.

To save your entries to your web browser, click or tap the Data tab in the Help and Tools section (mobile: top right of the main screen), select "New Data Record" from the drop-down menu, enter a name for the data record, and then tap or click the Save button.

To load previously saved entries, click or tap the Data tab and select the saved data record from the drop-down menu. You can then save any changes to your entries by simply clicking the Save button while the data record is selected.

To clear a named set of saved entries, click or tap the Data tab, select the saved data record from the drop-down menu, and then tap or click the Clear button.

Numbers and Decimals:

Only numeric characters (0-9 and decimal points) may be entered in numeric fields. Non-numeric characters (dollar signs, percent signs, commas, etc.) may cause calculation errors. If the field includes a grid icon, tapping the icon will open a popup keypad which will include only the characters allowed in the field. If your device keypad does not include a decimal point, use this popup keypad to enter decimal numbers where applicable.

Popup Tool Tips:

Tap the info (i) icons for a further explanation of each entry field (you can click [X] or outside of the pop-up tool tips to close them). A summary of these explanations, along with any additional term explanations, can also be found under the Terms tab.

Disclaimer:

Since I can't test for every possible combination of numbers, please be sure to double-check the results of this calculator yourself before considering them to be valid. If you do discover an issue with the calculated results, please report the issue using the feedback form located below the calculator.

Scrolling & Shrinking:

In order to scroll the calculator vertically you will need to swipe just outside of the calculator's dark-blue border, or use the window's far right-hand scroll bar, whichever is applicable to your device.

If the top section of the calculator becomes to tall for your viewport, tapping in the "Enter a problem..." field should reset the top section to its original height.

Disclaimer:

The Algebra Calculator is the only calculator on the site that I did not create myself. And since I did not create it, I don't have access to the code for fixing any issues you may be experiencing. So if you are having issues with the calculator, please visit the support page at Mathway.com for assistance.

Glossary

Fields, Terms, and Definitions.

Reset button:

Clicking the "Reset" button will restore the calculator to its default settings.

Pocket Calculator

Calculate any amounts needed to enter into calculator.

 

Data Management

Save and retrieve entries and notes (requires HTML5 compliant web browser).

Calculator Data

Calculator Data:

If you are using the latest version of your web browser software, this feature will allow you to save your calculator entries to your web browser's local storage in between visits. This means the calculator entries can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save data between devices you will need to subscribe to the Ad-Free Member Version.

Save: To save a new set of calculator entries, select "New Data Record" from the dropdown list, enter a nickname for the data record, then click the "Save" button.

Load: To load a previously saved set of calculator entries, simply select the name of the data record from the dropdown list.

Save Changes: To save changes to a set of previously saved calculator entries, be sure the name of the data record is selected, and then click the "Save" button.

Clear: To clear a saved set of entries, be sure the name of the data record is selected, and then click the "Clear" button.

Backup Data
My Notes:
Subscribe to the Cloud level of the Ad-Free Member Version to save your entries and notes to a secure online database, allowing you to access your saved entries from any device or web browser.

Sorry! The Save functions are bonus features reserved for those who allow ads to display on the page.

If you would like to use the Save features, please disable ad blocking for this website and refresh the page. Or you can choose to subscribe to the Ad-Free Member Version of the site.

Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

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